Bill Status of HB1343  103rd General Assembly

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Short Description:  INC TX-BEGINNING FARMER

House Sponsors
Rep. Lance Yednock - Dan Swanson

Last Action

Date	Chamber	Action
1/31/2023	House	Referred to Rules Committee

Statutes Amended In Order of Appearance

35 ILCS 5/234 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit for an owner of an agricultural asset who sells or rents the agricultural asset to a beginning farmer. Provides that the credit shall be equal to: (1) 5% of the lesser of the sale price or the fair market value of the agricultural asset, up to a maximum of $32,000; or (2) 10% of the gross rental income in each of the first, second, and third years of a rental agreement, up to a maximum of $7,000 per year. Provides that the taxpayer shall apply with the Department of Agriculture. Provides that the Department of Agriculture may not approve more than $5,000,000 in credits under those provisions in any one taxable year. Effective immediately.

Actions 

Date	Chamber	Action
1/23/2023	House	Filed with the Clerk by Rep. Lance Yednock
1/31/2023	House	First Reading
1/31/2023	House	Referred to Rules Committee
7/25/2023	House	Added Chief Co-Sponsor Rep. Dan Swanson